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The cryptocurrency market is undergoing a severe bear attack in which the second and third largest coins have been rearranged in the ranks. The XRP, who used to sit in third position, has now come out victorious on Ethreum, who previously took second place, just below Bitcoin [BTC].
At the time of writing, Ether was seeing a drop of 14.21%, trading at a depreciated price of $ 177.18, with a market capitalization of less than $ 18.28 billion. In contrast to this, XRP saw a lower decline and traded at $ 0.45, with a market capitalization of $ 18.48 billion.
XRPUSD price drop of 1 hour | Source: tradingview
It can be seen that Ethereum will have to regain its market capitalization by at least $ 2 million to claim the return check and its previous rank.
1 hour expiry at the price of ETHUSD | Source: tradingview
Yesterday, the market behaved in sync and showed a strong correlation going to roll one after the other like Bitcoin [BTC]The price collapse has occurred. The main reason for this is speculated to be Bitmain, the giant crypto-mining who withdrew its miners from the BTC ecosystem, to participate in the hash war going on due to Bitcoin Cash [BCH] rigid fork.
Total market capitalization, 24 hours Source: coinmarketcap
During the market crash, the total loss in market capitalization was massive, calculated at around $ 28.96 billion. At the start of the day, the total capitalization of the cryptocurrency market was $ 209.78 billion. As all currencies began to plummet, the capital market plummeted to $ 180.82 billion, according to CoinMarketCap. At the time of printing, the market capitalization is recorded at $ 183.96 billion.
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